Postpone loan repayment for up to 6 months

Suspend your mortgage or cash loan payment depending on your needs

For what products can you take credit holidays online?



Cash loan

If due to epidemic your current situation is very difficult, you can benefit from 3 or 6-month credit holidays. If you are currently using a 3-month credit holidays, you can extend it for another 3 months (i.e. it can last up to 6 months in total).

Credit holidays will extend the repayment period by as many months as your holidays and may increase the instalment amount. The Bank is not charging any fees for the service.

An application for a 3 or 6-month credit holidays (as well as an extension of an ongoing credit holidays) is available if the following conditions are met:

  • the cash loan was disbursed till 13.03.2020
  • at the time of submitting the application or on 29 February this year you have no arrears in paying off the loan over 30 days

Mortgage loan

If you want to postpone the mortgage loan repayment due to the epidemic by 3 or 6 months, we will extend the loan period and the interest accrued during the holidays will be added to the loan principal. Due to the capitalization of interest, the loan instalment after credit holidays will increase. You are not charged an additional fee for using credit holidays, but the holidays do not suspend payment of insurance fees/premiums. If you currently benefit from 3-month credit holidays, you can extend it for another 3 months (i.e. they can last up to 6 months in total).

An application for a 3 or 6-month credit holidays (as well as an extension of an ongoing credit holidays) is available if the following conditions are met:

  • the mortgage loan agreement was signed till 13.03.2020
  • at the time of submitting the application or on 29 February this year you have no arrears in paying off the loan over 30 days


In Millenet, you can also apply for a standard credit holidays for the mortgage and cash loan, based on the existing terms, which last 1 month and are available to Clients once a year.

Do you already benefit from credit holidays?


If you are currently using your 3-month credit holidays, you can extend it for another 3 months. You will do it conveniently in Millenet, on the same terms as before.

How to take credit holidays?

1

Log in to Millenet.

2

Select My finances > Loans, then click Details of the selected product.

3

Choose Loan holidays option and suspend instalment payment.

You can also benefit from credit holidays by calling TeleMillennium (801 331 331) and logging in with MilleKod and P@ssword 1. Cost of call in accordance with the operator's price list.

Mortgage products

The difference in instalments before and after credit holidays and the cost of the holidays will depend on:

For mortgage products, consolidation loans secured by a mortgage the way in which credit holidays operate is as follows:

During credit holidays interest is accrued of the break on the loan principal that was outstanding before the start of the loan holiday. At the end of the holiday period, interest is added together and added to the loan amount. Then, the principal and interest instalments are recalculated in the remaining repayment period, taking into account the increased amount of the loan to be repaid and the repayment period extended by the holiday period. As a result, the amount of next instalment will be increased.

Cash loans

As a result of cash loan credit holidays:

  • The interest accrued for the credit vacation period will be paid first, i.e. in the closest instalments.

  • The number of instalments remaining to be repaid will not change, but the repayment period will be extended (by the same number of months for which the repayment was deferred as a result of holidays).

  • As a result of deferment of payment, the total cost of the loan and the last instalment of the loan will increase due to accrued interest also during the deferred period. The interest is paid in the first place and causes the transfer of part of the capital to the last instalment.

  • An example simulation of cash loan instalment payment with a 3-month credit holidays – in Polish

Insurance



Mortgage products

Credit holidays do not suspend the payment of insurance fees/premiums, i.e. you must provide funds on the account to collect insurance premiums/fees due in this period to ensure continuity of insurance protection and mortgage/ consolidation loan/ mortgage collateral (applies to loans/loans with option insurance via the Bank).


Cash loans

If the loan is insured, the insurance will apply until the original end of the loan agreement (it will not apply during the extension of the contract for the period corresponding to the credit vacation).


The quickest and easiest way to benefit from credit holidays is through Millenet


You can also submit an application through TeleMillennium or at a Bank branch.


If you want to suspend the repayment of principal instalments only, contact TeleMillennium or visit a Bank branch.


Credit holidays at Bank Millennium are granted till 30.09.2020 in accordance with the extra-statutory moratorium developed as part of arrangements with members of the Polish Bank Association.

Shield 4.0

Statutory suspension of the execution of a credit/loan agreement under the Crisis Shield 4.0 program

The suspension of the execution of a credit/loan agreement under the Crisis Shield 4.0 program can be used by a Client who lost a job or another main source of income after 13.03.2020 (if only one of the co-borrowers lost a job or other main source of income, they can still apply).

The application for suspension of the execution a credit/loan agreement must contain the borrower's declaration of loss of job or other source of income, as well as a criminal liability clause for false statements.

All co-borrowers who are party to a credit/loan agreement must submit an application.